Dogecoin is a crypto that was created as a joke, based on Litecoin in 2013. It is used to tip and reward online content creators. It has a loyal community, and Elon Musk is a big fan. It has no limit on supply and offers a fast block time.
Dogecoin crypto’s open interest is $221.57 Million, as per Coinglass, and it rose by +1.39% in the last day. The long versus short ratio for 24 hours is 0.99. The average volume of Dogecoin coin increased by 65.19%, and it is at $370.40 Million now.
The coin did well this month as it climbed 6.38%. However, the Dogecoin price dropped by 22.68% in the past six months, showing poor performance. Also, the year-to-date return of the Dogecoin price is negative with a 6.92% decline.
Dogecoin Price Technical Analysis in 1-D Timeframe
The DOGE price has been on a downtrend for the past eight months, losing about 65% of its value from $0.1584 to $0.0648. The DOGE price has made lower highs and lower lows, and it is below all major EMAs, which are acting as resistance levels. DOGE price is $0.06534 at the time of publishing.
However, the price is in a consolidation zone, forming a descending triangle pattern between the upper and lower trendlines. This pattern indicates that DOGE coin price may break lower in the following weeks.
The Dogecoin coin price (DOGE) is below the 20, 50, 100, and 200-day EMAs (exponential moving averages). The EMAs are acting as barriers pushing the price down. Therefore, the coin is likely to move lower, giving bearish signals on the daily time frame chart.
As per the Dogecoin price prediction, the MACD line at -0.00029 and the signal line at -0.00025 are under the zero line, and a bearish crossover is seen, indicating the start of a bearish trend for the coin. The current value of RSI is 47.63 points, and the 14 SMA is under the median line at 50.21 points. It seems the Dogecoin price faced rejection from the 14 SMA line. Hence, Dogecoin price prediction suggests the charts are bearish.
Conclusion
The coin has a bearish sentiment in the 1-D time frame. The price action shows a negative outlook at the time of publishing. The technical parameters of the Dogecoin price also support the bearish trend. The major indicators MACD, RSI, and EMA are giving negative signals and imply that the downtrend may continue.
Technical Levels:
- The nearest support: $0.065 and $0.054.
- The closest resistance: $0.098 and $0.106.
